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June 12, 2008
Cleary Gottlieb represented ONGC Mittal Energy Limited (OMEL) in the acquisition of two offshore oil & gas prospecting permits and the negotiation of the related production sharing contracts (PSC) with Nigerian National Petroleum Corporation (NNPC).
Cleary Gottlieb advised on the negotiation of the farm-out agreements with Total, the partnership and carry arrangements with the local partner and the joint operating agreements (JOA) relating to the two blocks, along with various ancillary agreements.
The investment was structured under an oil-for-infrastructure framework, a foreign investment regime recently adopted by the Nigerian Government. The transaction closed on June 12, 2008.
OMEL is a joint venture between Mittal Investments Sarl and ONGC Videsh Ltd. focusing on oil & gas investment opportunities. ONGC Videsh Ltd. is the international arm of Indian national oil & gas corporation ONGC.
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